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Dolby Laboratories, Inc.

DLB Clue Score55
United States Fiscal year ends September CIK 0001308547
$58.74 +0.50% Close, 9 Oct 2026
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Price $58.74 −33.08% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2017Revenue1,080.2Operating income247.1Net income206.5EPS, diluted2.00Fiscal year 2018Revenue1,054.6 −2.4%Operating income183.5Net income41.7 −79.8%EPS, diluted0.39 −80.5%Fiscal year 2019Revenue1,241.6 +17.7%Operating income257.1Net income255.2 +511.2%EPS, diluted2.44 +525.6%Fiscal year 2020Revenue1,161.8 −6.4%Operating income218.7Net income231.4 −9.3%EPS, diluted2.25 −7.8%Fiscal year 2021Revenue1,281.3 +10.3%Operating income344.4Net income310.2 +34.1%EPS, diluted2.97 +32.0%Fiscal year 2022Revenue1,253.8 −2.1%Operating income206.6Net income184.1 −40.7%EPS, diluted1.81 −39.1%Fiscal year 2023Revenue1,299.7 +3.7%Operating income215.8Net income200.7 +9.0%EPS, diluted2.05 +13.3%Fiscal year 2024Revenue1,273.7 −2.0%Operating income258.3Net income261.8 +30.5%EPS, diluted2.69 +31.2%Fiscal year 2025Revenue1,349.1 +5.9%Operating income265.0Net income255.0 −2.6%EPS, diluted2.62 −2.6%
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 1,080.2 1,054.6 1,241.6 1,161.8 1,281.3 1,253.8 1,299.7 1,273.7 1,349.1
Growth −2.4% +17.7% −6.4% +10.3% −2.1% +3.7% −2.0% +5.9%
Operating income 247.1 183.5 257.1 218.7 344.4 206.6 215.8 258.3 265.0
Net income 206.5 41.7 255.2 231.4 310.2 184.1 200.7 261.8 255.0
Growth −79.8% +511.2% −9.3% +34.1% −40.7% +9.0% +30.5% −2.6%
EPS, diluted 2.00 0.39 2.44 2.25 2.97 1.81 2.05 2.69 2.62
Growth −80.5% +525.6% −7.8% +32.0% −39.1% +13.3% +31.2% −2.6%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2017Gross margin89.0%Operating margin22.9%Net margin19.1%Free cash flow margin25.8%Fiscal year 2018Gross margin87.9%Operating margin17.4%Net margin4.0%Free cash flow margin26.5%Fiscal year 2019Gross margin87.0%Operating margin20.7%Net margin20.5%Free cash flow margin18.6%Fiscal year 2020Gross margin87.4%Operating margin18.8%Net margin19.9%Free cash flow margin23.9%Fiscal year 2021Gross margin89.9%Operating margin26.9%Net margin24.2%Free cash flow margin30.7%Fiscal year 2022Gross margin88.7%Operating margin16.5%Net margin14.7%Free cash flow margin21.6%Fiscal year 2023Gross margin88.3%Operating margin16.6%Net margin15.4%Free cash flow margin25.9%Fiscal year 2024Gross margin89.0%Operating margin20.3%Net margin20.6%Free cash flow margin23.3%Fiscal year 2025Gross margin88.1%Operating margin19.6%Net margin18.9%Free cash flow margin32.3%
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Gross margin 89.0% 87.9% 87.0% 87.4% 89.9% 88.7% 88.3% 89.0% 88.1%
Operating margin 22.9% 17.4% 20.7% 18.8% 26.9% 16.5% 16.6% 20.3% 19.6%
Net margin 19.1% 4.0% 20.5% 19.9% 24.2% 14.7% 15.4% 20.6% 18.9%
Free cash flow margin 25.8% 26.5% 18.6% 23.9% 30.7% 21.6% 25.9% 23.3% 32.3%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2017Operating cash flow377.8Capital expenditure−99.6Free cash flow278.2Buybacks−100.0Dividends paid−57.1Fiscal year 2018Operating cash flow352.2Capital expenditure−72.8Free cash flow279.4 +0.4%Buybacks−150.5Dividends paid−66.2Fiscal year 2019Operating cash flow327.7Capital expenditure−96.3Free cash flow231.4 −17.2%Buybacks−340.6Dividends paid−77.5Fiscal year 2020Operating cash flow343.8Capital expenditure−66.3Free cash flow277.5 +19.9%Buybacks−173.7Dividends paid−88.6Fiscal year 2021Operating cash flow447.8Capital expenditure−54.5Free cash flow393.3 +41.7%Buybacks−245.9Dividends paid−89.2Fiscal year 2022Operating cash flow318.6Capital expenditure−47.9Free cash flow270.6 −31.2%Buybacks−530.5Dividends paid−100.1Fiscal year 2023Operating cash flow367.1Capital expenditure−30.3Free cash flow336.7 +24.4%Buybacks−149.3Dividends paid−103.4Fiscal year 2024Operating cash flow327.3Capital expenditure−30.0Free cash flow297.2 −11.7%Buybacks−160.0Dividends paid−114.6Fiscal year 2025Operating cash flow472.2Capital expenditure−36.3Free cash flow435.9 +46.6%Buybacks−125.0Dividends paid−126.6
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 377.8 352.2 327.7 343.8 447.8 318.6 367.1 327.3 472.2
Capital expenditure −99.6 −72.8 −96.3 −66.3 −54.5 −47.9 −30.3 −30.0 −36.3
Free cash flow 278.2 279.4 231.4 277.5 393.3 270.6 336.7 297.2 435.9
Growth +0.4% −17.2% +19.9% +41.7% −31.2% +24.4% −11.7% +46.6%
Buybacks −100.0 −150.5 −340.6 −173.7 −245.9 −530.5 −149.3 −160.0 −125.0
Dividends paid −57.1 −66.2 −77.5 −88.6 −89.2 −100.1 −103.4 −114.6 −126.6

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
Cash
Fiscal year 2017Cash634.4Shareholders’ equity2,136.7Fiscal year 2018Cash918.1Shareholders’ equity2,363.9Fiscal year 2019Cash797.2Shareholders’ equity2,307.4Fiscal year 2020Cash1,071.9Shareholders’ equity2,432.6Fiscal year 2021Cash1,225.4Shareholders’ equity2,598.0Fiscal year 2022Cash620.1Shareholders’ equity2,246.2Fiscal year 2023Cash745.4Shareholders’ equity2,355.1Fiscal year 2024Cash482.0Shareholders’ equity2,477.2Fiscal year 2025Cash701.9Shareholders’ equity2,622.6
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 634.4 918.1 797.2 1,071.9 1,225.4 620.1 745.4 482.0 701.9
Shareholders’ equity 2,136.7 2,363.9 2,307.4 2,432.6 2,598.0 2,246.2 2,355.1 2,477.2 2,622.6

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Ratios

Percentages worked out from the filed figures; debt to equity in times. Fiscal years ending September, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2017 29 Sep 2017 FY2018 28 Sep 2018 FY2019 27 Sep 2019 FY2020 25 Sep 2020 FY2021 24 Sep 2021 FY2022 30 Sep 2022 FY2023 29 Sep 2023 FY2024 27 Sep 2024 FY2025 26 Sep 2025
Margins
89.0% 87.9% 87.0% 87.4% 89.9% 88.7% 88.3% 89.0% 88.1%
22.9% 17.4% 20.7% 18.8% 26.9% 16.5% 16.6% 20.3% 19.6%
23.6% 18.6% 22.7% 20.6% 27.7% 17.2% 19.2% 24.5% 22.5%
19.1% 4.0% 20.5% 19.9% 24.2% 14.7% 15.4% 20.6% 18.9%
25.8% 26.5% 18.6% 23.9% 30.7% 21.6% 25.9% 23.3% 32.3%
Spending
21.6% 22.5% 19.2% 20.6% 19.8% 20.8% 20.9% 20.7% 19.4%
15.9% 18.7% 16.5% 18.9% 17.5% 22.0% 19.9% 21.2% 21.2%
9.2% 6.9% 7.8% 5.7% 4.3% 3.8% 2.3% 2.4% 2.7%
18.8% 78.5% 9.5% 3.4% 10.3% 14.6% 19.4% 15.4% 15.5%
Returns
9.7% 1.8% 11.1% 9.5% 11.9% 8.2% 8.5% 10.6% 9.7%
8.1% 1.5% 9.0% 7.9% 10.0% 6.8% 6.7% 8.4% 7.9%
Balance and payout
15.4% 17.3% 18.0% 16.4% 16.1% 16.3% 20.4% 20.0% 18.5%
27.6% 158.5% 30.4% 38.3% 28.7% 54.4% 51.5% 43.8% 49.6%
56.5% 77.5% 180.7% 94.5% 85.2% 233.0% 75.0% 92.4% 57.7%